According to the senior executive of TCS, Generative AI is making a way toward the productivity in industry’s fastest-growing niche. He declared that Generative AI will prove as a super helpful partner for Indian IT industries.
Tata Consultancy Services (TCS) is India’s top IT services, consulting, and business solutions organization with an impressive client list. The list includes Rolls Royce, Jaguar Land Rover, and Siemens.
On Wednesday, Sreenivasa Chakravarti, vice president of Internet of Things and Digital Engineering, said:
“TCS has seen product development cycles for engineering-related clients quicken by as much as 20 percent and expects further improvement.”
In a world full of technology and advancement, Generative AI has emerged as a standout. With the help of this technology, many companies are making their way toward advancement. It has changed the perspective we perform tasks and made it exciting.
He also mentioned that the Generative AI has proved to be a pivotal part of the organization. Moreover, the clients are replanning budgets and product features.
“It (generative AI) is used for code generation, testing, and quality (assurance) which are low-hanging fruits right now.”
Services like Engineering, research, and design demand specialized niches to be known. For example, Technology support for self-driving industries and sustainability solutions for oil and gas, contribute a sixth of the revenue in India’s $254 billion tech industry.
The organization representing the IT industry predicts that the sector’s main focus on engineering, research, and design will grow significantly. They expect it to increase from its current size to around $170 billion by 2030, which is almost four times its current value.
As per the data from the National Association of Software and Service Companies, the niche has a growing rate of 7.5% in fiscal year 2024.
In addition to major software services firms like TCS, Infosys, and Wipro, the engineering, research, and design sector includes specialized companies such as Tata Elxsi, Cyient, and L&T Technology Services.
On the other hand core software services in India are currently facing economic crisis and slower growth due to reduced client spending, and the engineering and design niche is experiencing significant expansion.
This growth is fueled by large IT companies making strategic moves. For instance, Cognizant recently acquired the digital engineering firm Bulcan for $1.3 billion, and Infosys purchased the German company in-tech for $480 million this year. These moves highlight how much fame this sector is gaining.
